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The temporary opening of a central Hormuz lane reduces the immediate risk of disruption, but it does not yet resolve the larger constraint on energy flows. Iran is linking lasting passage to a U.S. MOU and demands including oil-sale waivers, while the Trump administration reportedly rejected the June deal and plans to retain oil, shipping, financial and cross-border-payment sanctions. My read: physical access may improve before commercial certainty does. The key signal is not one reopened lane, but whether passage broadens while export and settlement barriers remain in place. #IranOpensHormuzLane